Bengaluru: German media company Axel Springer said on Wednesday it would sell its majority stake in European vacation rental group @Leisure to Indian hotel startup OYO for 180 million euros ($202.19 million).
The transaction will include the repayment of a shareholder loan of around 60 million euros and is expected to close in June, Springer said.
The acquisition will help SoftBank Group Corp-backed OYO expand its Homes business, which will now have more than 100 million vacation rentals and urban homes.
Europe will be OYO's largest market accounting for up to 40% of total supply.
OYO, which raised $1 billion last year, now has presence in more than 800 cities across 24 countries including the US, UK, India, China and Japan.
Sources told Reuters last month that home-renting company Airbnb would invest between $100 million and $200 million in OYO.
Springer, best known as the publisher of the 'Bild' tabloid, said it was selling @Leisure to focus more on its classifieds media business.
@Leisure manages holiday homes, holiday parks and holiday apartments across Europe and has a total inventory of more than 300,000 rooms.
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